OVH Groupe (OVH) Q1 2026 TU earnings summary

Executive summary

• Q1 FY26 revenue reached €275.3 million, representing 6.0% like-for-like growth year-over-year, driven by strong Public Cloud performance and European expansion.

• Signed additional mission-critical deals, including with LCH SA, and expanded European presence with new cloud regions and Berlin deployment announced for early 2027.

• Maintained strict financial discipline, confirmed FY26 guidance, and continued positive free cash flow generation.

• Operational initiatives included supply chain optimization, accelerated internal AI adoption, and acquisition of Seald for enhanced data protection.

• Partnerships with SambaNova to provide high-performance AI workloads and ongoing focus on cost discipline.

Financial highlights

• Q1 FY26 revenue: €275.3 million, up 6.0% like-for-like year-over-year, with reported growth at 4.5%.

• Public Cloud revenue grew 15.8% to €58.2 million (21.2% of group); Private Cloud revenue €167.2 million (60.7% of group), up 4.0%; Webcloud revenue €49.8 million (18.1% of group), up 2.3%.

• France revenue grew 5.1% to €133.9 million, rest of Europe up 4.1% to €79.3 million, and rest of world up 10.5% to €62.1 million.

• Net revenue retention rate at 105% on a like-for-like basis.

• Free cash flow remains positive, with CapEx at 30-32% of revenue.

Outlook and guidance

• FY26 guidance reaffirmed: like-for-like revenue growth of 5-7%, adjusted EBITDA margin above FY25, CapEx at 30-32% of revenue, and positive levered free cash flow.